NEW YORK (Standard&Poor's) May 22, 2006--Standard&Poor's Ratings Services today raised its rating on New York City's GO debt to 'AA-' from 'A+' based on the city's strong economic and financial performance over the past several years. The outlook is stable. The 'AA-' rating represents the highest GO debt rating the city has attained to date. At the same time, Standard&Poor's assigned its 'AA-' rating to the city's new $600 million GO bonds, fiscal 2006 series J-I. "Revenues are surging well above forecast, enabling the city to continue prepaying expenses and begin to address long-term liabilities such as retiree health care benefits," said Standard&Poor's credit analyst Robin Prunty. "In addition, the city has
